As we come to the end of the year, Leanan
continues to point to the many stories that now fill the media
reporting on the perception that the time to worry about peak oil is
over. However, as Darwinian
perceptively points out, the global supply of oil (crude and
condensate) is not going up with the celerity that most commentators are
envisaging.
The global balance between available supply and demand is in a
balance, where the amount of oil remaining available to meet a surge in
market demand is quite small. OPEC (and largely Saudi Arabia), by
adjusting their production, ensures that the balance is maintained and
prices remain at a level with which they are comfortable.
In the December 19th TWIP,
the EIA has explained, without endorsing the statement that the US
might surpass Saudi Arabia in global fuel production, why that is a less
important statistic than folk are generally making it out to be.
Link
